On December 4, Magnifico, the blockchain platform for pastry shells, announced that it had secured funding from the European Union (EU) for its future development.
The company says that its investment will be used to further the development of its platform for the pastry industry, which includes the creation of new products, marketing and other services.
The company has previously announced its intention to establish a partnership with the EU in the future, with the aim of establishing a platform to promote blockchain technology in the pastry industries.
This announcement was made on December 14.
The announcement also noted that the project has been in the works for a few months.
In addition, Magnifiks first major investment will go towards supporting its operations and developing its technology.
MagnificaS co-founder, Danielo Caro, said in a statement that the company has invested in the platform “because we believe in the power of blockchain technology”.
Magnificans team of scientists and engineers will also be involved in developing the platform.
“We believe in decentralisation, innovation and open-source and we want to help create a platform that will empower people to be more creative, to be creative with their own ideas, and to be able to innovate and take advantage of new technologies,” said Caro.
“This is why we are working with the European Commission and the European Investment Bank to develop a platform for blockchain development in the next five years.”
The team of five people, working in collaboration with the pastry chefs at the local artisan bakery, have already started work on the project.
The pastry shell project will be launched in early 2018.
In the future the company intends to make the product available to the pastry producers and other food professionals through the marketplaces and apps.
The new company will also provide training courses on blockchain and blockchain-enabled solutions.
The European Commission said in the announcement that it is also interested in working with Magnificas team on the development and deployment of blockchain solutions in the sector.
The agency said that it expects to be working with industry partners to help develop Blockchain solutions for the industry, including the creation and deployment.
In March, the EU launched a consultation on the potential regulatory and other measures for the adoption of blockchain, following the announcement by French finance minister Bruno Le Maire that the country was considering a move towards a digital currency.
The EU is also working to improve and expand the existing regulation on the use of blockchain.
In November, the European Banking Authority announced that its experts would participate in a workshop on the subject in order to discuss the potential regulation of cryptocurrencies in the financial sector.